BTS-agency-doubles-sales-before-going-public
Big Hit Entertainment CEO Bang Si-hyuk speaks during a corporate presentation. Courtesy of Big Hit Entertainment

Big Hit Entertainment, the agency that manages seven-piece K-pop boy group BTS, almost doubled its annual sales in 2019 just before going public.

The Seoul-based label said in a briefing this week that it recorded $495 million in the 2019 turnover, up 95.1 percent from a year ago. Its profit also jumped 22.2 percent year-on-year to $82 million.

It would be a good piece of news for Big Hit, which Bang Si-hyuk founded in 2005 and introduced BTS in 2013, as the management company reportedly strives to go public this year.

Big Hit held the briefing in private because of fears over the coronavirus outbreak. Instead, it released a video of the corporate presentation.

To maintain its growth momentum, Big Hit said that it will debut a boy group this year together with CJ ENM, a local entertainment company affiliated with CJ Group.

It also plans to unveil a girl group next year and a boy band in 2022 on its own.

On top of managing global megastars BTS, Big Hit acquired music label Source Music last year, which features a girl band Gfriend. The company also debuted boy group TXT last year.

CEO Bang said that the company would continue to diversify its business portfolio by tapping into various segments.